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Oracle to buy Cerner for $28 billion in healthcare sector push -Breaking

by Mike Robinson

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(Reuters) –Enterprise software manufacturer Oracle Corp (NASDAQ:), announced Monday that it will buy Cerner Corp (NASDAQ.) (electronic medical records company) for $28.3 Billion in an attempt to increase its position in the healthcare industry.

Cerner shareholders will get $95 in cash to cover each share. This is a 5.8% premium over Friday’s close price.

Oracle will make the largest acquisition ever of PeopleSoft, in 2004. This will enable the software company to improve its services for healthcare clients and insurers.

Cerner, America’s largest seller of software for electronic healthcare records, has granted Oracle access to the data to help it train and enhance its cloud-based artificial intelligence services.

The demand for cloud-based services in healthcare has increased since the start of the pandemic. These include telehealth services and the automation of patient records.

According to the company, it is likely that the deal will close by 2022.

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